I sold some BTE for some BTC earlier.. Do I pay taxes on the transction? Do I need to be a MSB??
Only if BTE really exists. If it does, then yes you do. Turn yourself in now, you criminal.
Topic: Does FINcen regulate Bytecoin? Do I pay taxes on mined BTE? (Read 660 times)
Only if BTE really exists. If it does, then yes you do. Turn yourself in now, you criminal.
As far as my understanding goes, FinCEN regulations only kick in when you are exchanging for a "real" currency. As long as you keep your transactions in the virtual exchanges, exchange for goods and services, or basically everything except converting to a real government based currency, you are exempt from FinCEN regulations. Once you attempt to convert into a "real" currency, FinCEN applies to help protect against money laundering activities.
Refer to: http://www.fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html for more information.
bottom line, it is how it works. Refer to: http://www.fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html for more information.
As far as my understanding goes, FinCEN regulations only kick in when you are exchanging for a "real" currency. As long as you keep your transactions in the virtual exchanges, exchange for goods and services, or basically everything except converting to a real government based currency, you are exempt from FinCEN regulations. Once you attempt to convert into a "real" currency, FinCEN applies to help protect against money laundering activities.
Refer to: http://www.fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html for more information.
Refer to: http://www.fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html for more information.
how did you sell the BTE? is there an exchange?
How can you pay taxes on mined BTE? They have no value. What am I missing?
how did you sell the BTE? is there an exchange?
Fincen is about virtual currencies, not bitcoin, so it applies in the same manner.
I sold some BTE for some BTC earlier.. Do I pay taxes on the transction? Do I need to be a MSB??
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